Trump raises stakes with new round of China tariffs

Kudlow laid out general demands for China - whose economic reforms, he said were moving in the wrong direction.

"I urge China's leaders to take swift action to end their country's unfair trade practices".

In an earlier round of tariffs on $50 billion of goods, the Trump administration removed proposals on flat-panel television sets for the final list in June.

Donald Trump has intensified America's trade war with China by imposing new $200bn (£152bn) tariffs on imports.

"I will say right here on China, we are ready to negotiate and talk with China anytime that they are ready for serious and substantive negotiations towards free trade to reduce tariffs and non-tariff barriers".

China purchased roughly $130 billion in American goods past year - less than a third of what the United States ordered from Chinese enterprises.

Financial journalists have speculated that China may seek to exact pain on the United States through means other than tariffs, such as by harassing US companies doing business in China, disrupting supply chains for American companies that originate in China, or causing mischief with, for instance, attempts by the United States to negotiate with North Korea over its nuclear arsenal.

The prospect of a more aggressive trade war with China pushed stocks lower, after investors had previously been largely untroubled by the Trump administration's trade policies. They were among 300 tariff lines scrubbed from the preliminary target list released in July, according to one of the officials.

US business officials are continuing to express concerns about the escalating trade war.

If the U.S. and China are unable to reach an agreement, UBS said: "We see a multilane expressway to further escalation and substantive negative economic effects to both countries".

Donald Trump says the new move is in line with an ongoing study by the United States Trade Representative (USTR). The tariffs focused on industrial products, not on things Americans buy at the mall or via Amazon.

USA companies have already said they are anxious about the effect of higher costs on their businesses.

By expanding the list to $200 billion of Chinese products, Trump may spread the pain to ordinary households.

"We have been very clear about the type of changes that need to be made, and we have given China every opportunity to treat us more fairly". The administration is targeting a bewildering variety of goods - from sockeye salmon to baseball gloves to bamboo mats - forcing US companies to scramble for suppliers outside China, absorb the import taxes or pass along the cost to their customers. "More generally, the direction of global trade policy in the United States continued to be a source of uncertainty for the outlook for the world economy". So while the Trump administration might not specifically tax iPhone imports in the future, Apple could still pay the price for Trump's trade war through its dealings with China.

The administration's proposal for the tariffs on US$200 billion (S$247 billion) of products drew protest from technology companies earlier this year, but the final list of taxed devices described by the official avoids many big consumer brand names and products.

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